Property For Industry has entered into unconditional contracts to buy three properties and sell two of its own.
The industrial property landlord's portfolio includes about 50 properties in Auckland, Wellington and Christchurch.
Purchases by PFI include property in Christchurch for about $11 million and two in Auckland for about $12 million and $14 million respectively.
Settlement on the three properties will occur at the end of this month through to early next year.
Meanwhile, the company has entered into contracts to sell two properties in Auckland for a combined $4 million.
General manager Nick Cobham said the sales and purchases were in line with PFI's strategy to focus on cash returns for shareholders.
''We are constantly reviewing the portfolio,'' he said.
Shares are up 1.5 cents to to $1.23 each.